On this final episode of season one of the ReadytoBuy Podcast I will be having a conversation with two more of my clients – Liane and James – a couple of first-time buyers that have, at the time of recording, been living in their home for three years since getting their mortgage!

Time Stamps

PART ONE

00:00 – Introduction

01:38 – Meet Our First-Time Buyer – Three Years On

02:17 – Interview with Liane & James: Part One

• 02:56 – Situation When Deciding to Buy
• 05:20 – Getting a Deposit
• 06:46 – On Saving
• 09:00 – Going to a Mortgage Broker

INTERMISSION

11:32 – ‘Definitely Not A Silly Question’ Segment

12:01 – Question

12:09 – Answer

12:52 – Contact Info for Questions

13:18 – Risk Warning

PART TWO

13:56 ­– Interview with Liane & James: Part Two

• 13:56 – The House Search
• 15:37 – Finding the Right House
• 18:21 – Offer Acceptance to Moving In
• 20:23 – Furniture
• 21:23 – Working on the House
• 23:19 – Anything Done Different? 

27:10 – Conclusion

––––––––––––––––––––

Notes

(00:00 – 01:37) Introduction

Introducing the podcast and providing details for listeners on where to contact.

Website: mhcmortgages.co.uk

(01:38 – 11:31) Interview with Liane & James – Part One

(Note: Points in brackets are mentioned by me)

Situation

• (Tell me about your situation and the first point you thought you were ready to buy?)
• James: We were seeing each other for a year and decided to take it to the next level and dive straight into a mortgage. We thought renting would be a waste of money. But we we’re both living at home and wanted to fly the nest.
• (In regards to knowing each other for a long time, I would advise to all clients that they know who they are jumping into getting a mortgage with.)

Deposit

• (How did you go about getting the deposit together?)
• James: We decided to go 50/50 on the deposit. It was easier to save by living at home and I opened a Help To Buy ISA and was putting £200 a month into it. I was also saving money regularly whilst at uni.
• (Saving as early as possible in case you would need money is a great mindset to have.  Was it purposefully for a house?)
• James: Saving the money was more in general, but the Help To Buy ISA was for a house. I didn’t want to miss the opportunity of...

On this episode of the ReadytoBuy Podcast I will be having a conversation with one of my clients – Simone – who is a young first-time buyer that has, at the time of recording, just recently finished on obtaining her mortgage and just moved into her new home!

Time Stamps

PART ONE

00:00 – Introduction

01:38 – Meet Our First-Time Buyer – One Week After Completion

02:09 – Interview with Simone: Part One

• 03:00 – Situation When Buying First Home
• 06:45 – Saving for Deposit
• 09:07 – Huge Sacrifice?

INTERMISSION

13:00 – ‘Definitely Not A Silly Question’ Segment

13:29 – Question

13:34 – Answer

14:20 – Contact Info for Questions

14:46 – Risk Warning

PART TWO

15:24 ­– Interview with Simone: Part Two

• 15:24 – Describing the House Search
• 20:33 – Problems with New-Builds
• 21:40 – Feeling of Walking Into New Home
• 23:56 – Would You Do Anything Different?

26:31 – Conclusion

––––––––––––––––––––

Notes

(00:00 – 01:37) Introduction

Introducing the podcast and providing details for listeners on where to contact.

Website: mhcmortgages.co.uk

(02:09 – 12:59) Interview with Simone – Part One

(Note: Points in brackets are mentioned by me)

Situation when buying first home

• Was living at home and saving.
• Decided to contact a broker to see what affordability was and what schemes were available or if potentially could buy property outright.
• Bit of a minefield when looking at government schemes and found that talking to a broker in person was the best option.
• (Everybody would rather buy through the standard channels, but sometimes we all need a little help.)
• Originally wanted a two-bedroom property, but realised that it wasn’t affordable and had to change expectations.
• (Was a bit of a challenge, living in London.)

Saving for deposit

• Whilst at home, was paying minimal rent to mum. This enabled saving for the deposit.
• Started properly saving in 2016 upon opening a Help To Buy ISA with NatWest and also opened a secondary Stocks & Shares ISA with Vanguard and split money between the two.
• This made it difficult to extract money and helped budget and save.
• New job after starting to save which brought more income. Still budgeted the same amount but increased amount being put into savings.
• Really challenging because there’s always...

On this episode of the podcast we will be recapping everything spoken about over the course of season one in one final grand summary of the entire process, from first starting to think about a mortgage all the way to picking your keys up and settling into your new home!

Time Stamps

PART ONE

00:00 – Introduction

01:38 – ‘Buying Your First Home – In Summary’

02:01 – Where You Start

• 02:01 – Understanding All Your Options
• 03:03 – Putting a Plan Together
• 05:25 – Getting Help if Needed

07:27 – Getting as Presentable as Possible

• 08:00 – Credit File
• 08:45 – Bank Statements
• 09:25 – Documents

10:23 – Agreement-in-Principle

11:51 – Searching for Your Home

• 12:10 – Research
• 13:08 – Register with Agents
• 14:03 – Try and Enjoy It

15:02 – After Finding Your Home

• 15:39 – Asking Questions
• 16:25 – Estate Agent’s Due Diligence
• 17:01 – Memorandum of Sale

INTERMISSION

17:48 – ‘Definitely Not A Silly Question’ Segment

18:17 – Question

18:26 – Answer

19:58 – Contact Info for Questions

20:24 – Risk Warning

PART TWO

21:02 ­– Mortgage Application

• 22:48 – Mortgage Lender’s Revisions

23:44 ­– Conveyancing 

• 23:57 – Advice on Choosing Solicitors
• 24:55 – Regarding ‘Cheaper’ Solicitors 
• 25:44 – Questionnaire
• 26:37 – Searches

27:39 ­– Protection

• 28:29 – Protection Against Death
• 28:52 – Protecting Income
• 29:28 – Protecting Against Serious Illness

30:10 ­– Moving Towards Completion

• 30:54 – Visiting the Property
• 31:28 – Measuring Up
• 32:12 – Internet
• 32:39 – Addresses
• 32:57 – Sorting Removals
• 33:22 – Time Off

33:43 – Exchange Date

• 33:56 – Buildings Insurance
• 34:53 – On the Day 

35:51 – After Completion

37:13 – Conclusion

––––––––––––––––––––

Notes

(00:00 – 01:37) Introduction

Introducing the podcast and providing details for listeners on where to contact.

Website: 

On this episode of the podcast, we will be discussing the various obstacles that first-time buyers may encounter and how to navigate them towards getting your first home.

Time Stamps

PART ONE

00:00 – Introduction

01:38 – Recap & ‘Overcoming the Barriers as a First-Time Buyer’

03:39 – Four Main Things

03:52 – Deposit

• 03:52 – Finances of a Deposit
• 05:09 – Living With Family
• 05:53 – Getting Financial Help from Family

07:26 – Income

• 07:26 – Borrowing & Protection
• 08:52 – Changes In Income
• 10:18 – Example
• 11:27 – Overtime

INTERMISSION

12:26 – ‘Definitely Not A Silly Question’ Segment

12:54 – Question

13:04 – Answer

14:58 – Contact Info for Questions

15:24 – Risk Warning

PART TWO

16:01 – Outgoings

17:40 – Expectations

• 20:15 – Concluding Statement

20:43 – My Personal Experience

25:15 – Summary

26:49 – Conclusion

––––––––––––––––––––

Notes

(00:00 – 01:37) Introduction

Introducing the podcast and providing details for listeners on where to contact.

Website: mhcmortgages.co.uk

(01:38 – 03:51) Recap 

• We’re coming towards the end of season one and hopefully we’ve helped you in your first quest to buy your first home!
• I’m always conscious of what we hear about the difficulty and barriers that first-time buyers face when getting onto the property ladder, so I wanted to talk them through with you and show you how you can overcome them.
• One of the big issues is knowledge. There are many aspects to obtaining a mortgage and it is helpful to know what all of these are. A mortgage broker can help centralise all of these things, being knowledgeable about it all, and provide you with understanding of the situation all the way through.
• Ultimately, most barriers are down to affordability. This why it is so important to use a mortgage broker to look at options and help you navigate things. Options will vary greatly from lender to lender. It’s no exaggeration to say that some clients have found that they can borrow double the amount from one lender compared to another!
• There’s four areas I want to talk about in this episode:
• Deposit
• Income
• Outgoings
• Expectations

(03:52 – 07:08) Deposit

• Many people struggle to save

On this episode of the podcast, we will be discussing three slightly different routes, deviating from the standard mortgage procedure that has been discussed throughout the season, that may help first-time buyers.

Time Stamps

PART ONE

00:00 – Introduction

01:38 –  Recap & ‘Extra Help for First-Time Buyers’

03:23 – ‘Help To Buy Equity Loan’ Scheme

• 03:23 – Definition
• 03:55 – Explanation
• 04:40 – Percentages
• 05:00 – Three Agents
• 06:03 – Getting an Advisor
• 07:16 – Interest
• 08:13 – Paying Back the Loan
• 09:26 – Reservation Fees
• 10:30 – Considerations

INTERMISSION

12:59 – ‘Definitely Not A Silly Question’ Segment

13:28 – Question

13:34 – Answer

14:54 – Contact Info for Questions

15:19 – Risk Warning

PART TWO

15:57 – ‘Shared Ownership’ scheme

• 15:57 – Definition & Explanation
• 17:29 – Charges
• 18:04 – Second-Hand Properties
• 18:35 – Advantage for Non First-Time Buyers
• 19:10 – Aim of the Scheme

21:14 – ‘Joint Borrower Sole Proprietor’ scheme

• 21:14 – Definition 
• 21:50 – Explanation
• 22:50 – What ‘Joint Borrower’ and ‘Sole Proprietor’ Mean
• 23:36 – Regarding Stamp Duty
• 24:38 – Lender’s Frame of Mind
• 24:38 – Considerations
• 25:17 – Example
• 25:54 – Relationship Requirements
• 26:30 – Mortgage Term
• 27:53 – Running Costs of Both Homes
• 28:27 – Final Thoughts

29:18 – Summary

30:35 – Conclusion

––––––––––––––––––––

Notes

(00:00 – 01:37) Introduction

Introducing the podcast and providing details for listeners on where to contact.

Website: mhcmortgages.co.uk

(01:38 – 03:22) Recap

• We’ve spoken at length over the past few weeks about the process from the start to picking your keys up.
• By putting a plan in place and breaking things down this creates a positive experience.
• Getting on the property ladder depends on income and where we live.
• There’s a huge variance in property prices depending on where it is in the country. For example, London in the southeast and Newcastle in the northeast will have vastly different...

On this episode of the ReadytoBuy podcast, we will be discussing some things you can do to help prepare yourself for when exchange happens between you and the seller, before the moment where you can finally say – “It’s all yours!”

Time Stamps

PART ONE

00:00 – Introduction

01:38 –  ‘It’s All Yours!’ & Recap

02:50 – Preparation

• 03:24 – Visit the Property
• 03:44 – Measuring Up
• 04:04 – Understand What’s Saying and Going
• 04:45 – List of Addresses
• 06:14 – Royal Mail Redirect Service
• 06:45 – Budgeting
• 07:22 – Ordering Furniture
• 08:25 – Moving Your Furniture
• 09:11 – Work
• 09:46 – Property Quirks, Neighbours & Parking 

11:28 – Exchange

• 11:54 – Deposit & Completion Statement
• 12:49 – ISA’s & LISA’s
• 13:42 – Home & Life Insurance

INTERMISSION

14:17 – ‘Definitely Not A Silly Question’ Segment

14:46 – Question

14:56 – Answer

15:49 – Contact Info for Questions

16:14 – Risk Warning

PART TWO

16:52 – Completion

• 17:14 – The Big Day
• 18:37 – Moving In
• 21:10 – Administrative Things

25:43 – Summary

26:47 – Conclusion

––––––––––––––––––––

Notes

(00:00 – 01:37) Introduction

Introducing the podcast and providing details for listeners on where to contact.

Website: mhcmortgages.co.uk

(1:38 – 2:49) Recap

Almost there! So far, we have discussed:

• Putting a plan in place, the importance of help from the start and where you are trying to get to.
• Getting yourself as presentable as possible and the small tweaks that can make a difference
• Going out and viewing properties and getting accepted for a mortgage.
• Starting to organise the mortgage and the legal work that will be involved.
• How there will be a lull in place as everything gets underway, which is where we can organise your protection.

And now we are very close to completion and you picking up your keys.

(2:50 – 11:27) Preparation

But before this last step happens, I’d like to talk about a few things to prepare yourself for exchange that you may not have considered, purely because you haven’t bought property before.

On this episode of the ReadytoBuy Podcast we will be talking about the very important concept of protecting yourself and loved ones through getting insurance in case anything bad were to happen to you or them.

Time Stamps

PART ONE

00:00 – Introduction

01:38 – ‘Protecting Yourselves & Your Loved Ones’ and Recap

02:58 – Introducing Protection

04:44 – Three Main Areas to Consider

05:07 – First: Life Cover

07:58 – Second: Protecting Your Income

10:54 – Third: Protecting Yourself Against Serious Illness

12:29 – Overall

INTERMISSION

14:45 – ‘Definitely Not A Silly Question’ Segment

15:13 – Question

15:20 – Answer

16:20 – Contact Info for Questions

16:45 – Risk Warning

PART TWO

17:23 – How Insurers Value Their Cover

• 17:47 – Age
• 18:20 – Smoker Status
• 18:51 – Quotations
• 19:14 – Medical Questionnaire
• 19:43 – Acceptance Terms

20:19 – Reviewing

20:56 – Protecting Your Home

22:23 – Insurance for Buildings & Contents

23:52 – Excesses

24:42 – Summary

26:03 – Conclusion

––––––––––––––––––––

Notes

(00:00 – 01:37) Introduction

Introducing the podcast and providing details for listeners on where to contact.

Website: mhcmortgages.co.uk

(01:38 – 2:57) Recap

• You’ve come a long way in the past few weeks. You will have by now:
• Put a plan together
• Got yourself more presentable
• Found a new home
• Had your offer accepted
• The mortgage being organised and legal work being carried out
• We said about a ‘lull in proceedings.’ You’ve already done so much and now things are going on behind the scenes. This is normal and a really good time to take a breath and think carefully about protecting yourself.

(2:58 – 14:44) Protection

• However, life doesn’t always go according to plan and unfortunately, as we have all seen and experienced, there can always be bumps along the way. For example:
• Poor health 
• Serious or long-term illness
• Accidents
• Death
• We can’t stop things happening, but financially struggling will make things a whole lot worse than they need to...

On this episode of the ReadytoBuy Podcast, we will be discussing what your solicitor will be doing for you behind the scenes, and interviewing special guest Callum Robertson from EMG Solicitors!

Time Stamps

PART ONE

00:00 – Introduction

01:38 – ‘What Does My Solicitor Do?’ 

05:09 – Interview with Callum from EMG Solicitors – Part One

06:09 – What Do You Do?

• 06:35 – ‘To Begin With’
• 08:11 – Opening Up a File
• 09:59 – Memorandum of Sale
• 11:31 – Searches
• 14:05 – Being Happy With the Condition
• 15:56 – Importance of Completing Paperwork

INTERMISSION

17:24 – ‘Definitely Not A Silly Question’ Segment

17:53 – Question

18:03 – Answer

18:48 – Contact Info for Questions

19:14 – Risk Warning

PART TWO

19:51 – Interview with Callum from EMG Solicitors – Part Two

• 20:27 – Exchange of Contracts
• 22:20 – Reassurance Prior to Exchange
• 23:26 – What Do You Need From Clients Prior to Exchange?
• 23:57 – 10% Deposit
• 24:51 – ‘A Key Milestone’
• 25:26 – Releasing the Funds & Moving In
• 27:33 – ‘Behind the Scenes’ 
• 30:02 – Any More Nuggets of Wisdom?

31:55 – Summary

33:43 – Conclusion

––––––––––––––––––––

Notes

(00:00 – 01:37) Introduction

Introducing the podcast and providing details for listeners on where to contact.

Website: mhcmortgages.co.uk

(01:38 – 05:08) What Does My Solicitor Do?

• They will be with you for the next few months and so it is important to choose well.
• There are many good ones and it is something you can control.
• Take recommendations from your professionals’ help and look at online tools to see how other people have fared.
• Think about questions like:
• Are they proactive?
• Are they easy to get a hold of?
• Are they good at communicating?
• There is a huge variance in costs when it comes to solicitors/conveyancers. Sometimes in can be double. It is a good idea to get two or three comparisons just to sense check.
• I would be wary of ‘panel solicitors,’ that are set up to deal with many clients at one time. You will be one of thousands of other people they process and so the experience can feel a bit impersonal and you might not be able to contact the right person.

On this episode of the ReadytoBuy Podcast, we'll be looking into how to get the process started now that you have found your new home – starting with mortgage applications.

Time Stamps

PART ONE

00:00 – Introduction

01:38 – ‘New Home Found – Let’s Get the Process Started’ & Recap

02:26 – What is Next

03:16 – The Mortgage Application

• 04:04 – Repayment Mortgage
• 04:40 – Mortgage Term
• 06:33 – Type of Rate
• 06:51 – Fixed Rates
• 08:26 – Other Rates

09:11 – Starting the Mortgage Application

• 09:35 – Providing Property Details to Broker
• 10:10 – Documents
• 10:38 – Proof of Deposit
• 12:47 – Options Will Be Updated

INTERMISSION

13:35 – ‘Definitely Not A Silly Question’ Segment

14:04 – Question

14:14 – Answer

14:51 – Contact Info for Questions

15:17 – Risk Warning

PART TWO

15:55 – Proceeding with Mortgage Application

• 16:35 – Three Things Mortgage Lenders Look At
• 17:09 – Lenders Service Levels
• 17:36 – ‘Instructing’ a Survey

18:15 – The Valuation

• 18:15 – Charge and Purpose
• 19:01 – Types of Survey
• 20:28 – More Detailed Survey’s & Homebuyer Report

22:48 – The Mortgage Offer

24:49 – Summary

25:49 – Conclusion

––––––––––––––––––––

Notes

(00:00 – 01:37) Introduction

Introducing the podcast and providing details for listeners on where to contact.

Website: mhcmortgages.co.uk

(01:38 – 02:25) Recap

• You’ve put your plan in place – so understand how much you can borrow, how much you need to save, your deposit (savings or gift from family), where you’re looking to buy and what type of property.
• You’ll have taken steps to get yourself as presentable as possible.
• You’ll have your Agreement-in-Principle.
• You’ll have prepared for your viewings and we talked to Andy at Robinson, Michael & Jackson Estate Agents last time, with some hints and tips to consider.

(02:26 – 13:34) What Next

Two main parts to the process:

• Organising your mortgage
• The Legal Work / Conveyancing (We’ll discuss this in detail during

On this episode of the ReadytoBuy Podcast, we talk you through how to successfully search for your new home, with insight from guest estate agent Andy Plaistowe.

Time Stamps

PART ONE

00:00 – Introduction

01:38 – ‘The Search for Your New Home’ & Recap

02:55 – Preparation before you start viewing properties in person

07:31 – Interview with Andy Plaistowe – Part One

INTERMISSION

14:53 – ‘Definitely Not A Silly Question’ Segment

15:22 – Question

15:32 – Answer

16:25 – Contact Info for Questions

16:51 – Risk Warning

PART TWO

17:28 – Interview with Andy Plaistowe – Part Two

22:52 – Summary

24:23 – Conclusion

–––––––––––––––––

Notes

(0:00 – 1:37) Introduction

Introducing the podcast and providing details for listeners on where to contact.

Website: mhcmortgages.co.uk

(1:37 – 2:54) Recap

• You’ve put your plan in place – so understand how much you can borrow, how much you need to save, your deposit (savings or gift from family), where you’re looking to buy and what type of property.
• You’ll have taken steps to get yourself as presentable as possible.
• You’ll have your Agreement-in-Principle.

(2:55 – 7:30) Preparation before you view properties in person  

Before you start making contact with agents, use the tools available to refine your search:

• Rightmove / estate agents websites:
• Photos & Descriptions - Try to see past décor / superficial state of property, this can be changed easily and cheaply.
• Floorplan – understand the layout
• Virtual tour:
• Video
• Virtual / Interactive Tour – allows you to navigate around the property and get a good feel for the layout, size and condition.
• Get a feel for the local area (particularly if you’re looking in an unfamiliar area) Use ‘Google Streetview’, visit area in person – several times and at different times of the day.
• Using all of these, should mean there’s no surprises when you visit the property in person!

(7:31 – 14:52) Interview with Andy Plaistowe ­– Part One

• Introduction to Andy Plaistowe, a branch partner at Robinson Michael & Jackson Estate Agents: https://www.robinson-jackson.com/
• Not very much has changed in the Property industry in 25 years. 
• Currently shortage of property, which has meant demand is outstripping